Inherently the steps are the same as if you were purchasing with financing save potentially less closing costs and ability to close sooner (if needed).The terms of your offer (ie -contingencies, closing cost splits etc) will determine what is different. 

Any tips would be appreciated! 

It sounds like my refrigerator/freezer is passing away! I would love any advice on landlords' favorite brands or models that last well and are not complicated. And are there any tricks to for the purchase as a landlor...

Who did you use for financing? 

To leverage the equity for financing my next deal, a second mortgage seems like a more cost-effective option.

Sri,Are you a General Contractor/Builder or are you simply looking for financing to build a 2-4 unit?

Some have done owner financing with an agreement to pay all interest and equity splits when the home sells others have done it where they do a quitclaim adding their name onto title with the seller so once rehab is done the seller can't try and cut you out of the deal. 

I have been reading many books on finances, rentals, and real estate and feel this is an area I can have more "control" over my investment rather than placing it all in my 401k and hoping for the best. 

And don’t underestimate the power of direct outreach; some sellers may be more flexible if you present a clear, structured plan for partnership or financing.

Now IF you have all those bases covered, my tips are: Take GREAT pictures and for the love of all that is holly please no close ups, wide angel pics.